Improving living standards and rising GDP are expected to drive growth of the personal care market.
Valley Cottage, NY -- (SBWIRE) -- 06/14/2019 -- An up to date study by Future Market Insights (FMI) has detected that the competition in the oral care market in BRICS countries is intense, although a few companies such as Uniliver Group, Colgate-Palmolive Co., Koninklijke Philips N.V., Procter & Gamble Co., Johnson & Johnson Inc., and GlaxoSmithKline Plc. do hold a position of strength and are expected to maintain their strong position in the near future too. For most of these companies, development of new and innovative products and aggressive marketing activities are common strategies to lure consumers and retain them in a long run. The growing trend of organic products is also opening new opportunities for the vendors to impress the urban populations and gain new revenue avenues.
As per the projections of the FMI report, the demand in global oral care market will expand at a CAGR of 4.5% during the forecast period of 2014 to 2020, representing a revenue of US$50.8 bn by 2020. However, the BRICS oral care market is in much healthier position with the demand projected to increment at nearly double CAGR of US$8.4% during the same forecast period. The report has estimated that the BRICS nations will constitute for a demand for oral care products worth of US$17.3 bn by 2020. This report targets audiences such as dental product manufacturers and distributors, dental research and development institutes, government associations and dental practitioners, and venture capitalists and investors.
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The report observes that with increased disposable income of the urban populations in BRICS countries, viz. Brazil, Russia, India, China, and South Africa, consumers are now willing to pay for a variety of products that helps them keep their oral and respiratory systems healthy. Ubiquity of smartphones and growing popularity of social media has helped pass on the awareness to large masses and is providing traction to the BRICS oral care market. In addition to that, introduction of oral care products that are ecofriendly and made up from organic ingredients are gaining demand. Growing awareness among consumers for oral hygiene is another factors fueling the demand in this market.
Toothpaste Most Profitable Product Segment
On the basis of product type, the oral care market in the BRICS countries is segmented into primary oral care including toothbrush and toothpaste and secondary oral care including dental floss, mouthwash, denture care, and others such as whitening strips, chewing gum, and mouth fresheners. Currently, primary oral care sub-segments collective account for the most prominent chunk of demand, with toothpaste producing the maximum demand. Gel toothpaste, sensitivity-resistant toothpaste, and gum strengthening toothpaste are a few new products attracting specific customers. On the other hand, the demand for secondary oral care products is projected to increment at a strong CAGR of 14.5% during the forecast period of 2014 to 2020, gaining traction from the introduction of new products in this segment.
Based on distribution channel, the BRICS oral care market has been bifurcated into departmental stores, convenience stores, hypermarkets and supermarkets, vending machines, pharmacies and specialty stores, direct selling, and general merchandise retailers. In 2013, the general merchandising and direct selling segments collectively accounted for 53% of the overall demand, while hypermarkets and supermarkets provided for 27% of the demand.
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Country-wise, heavily populated countries of India and China currently produce the most prominent chunk of demand and are anticipated to further gain demand share as we approach 2020. These two countries served 50.6% of total demand in the BRICS oral care market in 2014 and the demand percentage is estimated to increase up to 52.7% by 2020.